London-area real estate sales jumped in June
MIDDLESEX CENTRE, ONT. -- After two months of steep declines due to the COVID-19 pandemic, June home sales have not only rebounded, but come close to setting a record.
The London and St. Thomas Association of Realtors (LSTAR) says sales were up 13.8 per cent over the same month last year.
LSTAR President Blair Campbell added in a statement, “In fact, this makes last month the second best June for home sales since LSTAR began tracking data, back in 1978.”
Middlesex County and Strathroy did have their best June ever, while St. Thomas, Elgin County and London were either above or on par with recent averages.
Average home prices were also up 17.8 per cent over last June, and rose in all of LSTAR’s areas, with Elgin County seeing the biggest rise at 32.6 per cent.
The number of listings was up 3.4 per cent over June 2019, but the number still active at month end dropped by 1.3 per cent, the lowest in 10 years.
“The 78.5 per cent sales-to-new listings ratio recorded last month demonstrates, once again, how firmly anchored our market is in sellers’ territory,” Campbell explained.
He added that while the numbers may seem surprising in light of COVID-19 measures like physical distancing and no open houses, it shows how desirable local properties are and how much technology is helping.